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  • Minister of Finance and the Public Service, Hon. Audley Shaw, has advised that the Administration will be continuing the operations of the Jamaica Stock Exchange’s Junior Market (Junior Stock Exchange).
  • Quoting a report on the Junior Stock Exchange, Mr. Shaw noted that while profits tax was foregone, businesses were expanded and deductions have grown significantly.
  • The Junior Market was established as a result of the collaborative efforts of the Government, the Board of the JSE, the Financial Services Commission and Steering Committee composed of key stakeholders.

Minister of Finance and the Public Service, Hon. Audley Shaw, has advised that the Administration will be continuing the operations of the Jamaica Stock Exchange’s Junior Market (Junior Stock Exchange).

“I have given instructions to maintain the Junior Stock Exchange, effective April 1, 2016,” he said, while addressing a Private Sector Organisation of Jamaica (PSOJ) President’s Forum at the Jamaica Pegasus Hotel in New Kingston on March 29.

Mr. Shaw informed that the benefits under the facility were due to end on March 31. “It will not expire as I promised,” he said.

The Minister stressed that he is firmly committed to the expansion of the Junior Stock Exchange in Jamaica, which has already given access to equity capital to dozens of growing businesses in many sectors including manufacturing.

“Preserving it will mean that this can continue for only a negligible fiscal cost, while creating new streams of investment and job creation,” he said.

Quoting a report on the Junior Stock Exchange, Mr. Shaw noted that while profits tax was foregone, businesses were expanded and deductions have grown significantly.

According to the data, compared with 2009 when the facility was established, National Housing Trust (NHT) contributions have gone up by 86 percent; and National Insurance Scheme (NIS) contributions have increased by 120 percent.

In addition, Pay As You Earn (PAYE) contributions have gone up by 97 percent; and General Consumption tax (GCT) tax earnings have gone up by 337 percent, moving from about $200 million to almost $1 billion.

“So we gave up some profits tax, but we earned all of these other streams, people got jobs, and they contributed to economic growth,” he said.

Launched by the Jamaica Stock Exchange (JSE) on April 1, 2009, the Junior Stock Exchange was designed to encourage and promote investment in Jamaica’s entrepreneurship, employment and economic development.

It allows investors to put capital into legitimate small and medium-sized companies (SMEs), whose shares trade on a special JSE platform.

The Junior Market was established as a result of the collaborative efforts of the Government, the Board of the JSE, the Financial Services Commission and Steering Committee composed of key stakeholders.